Manoj Sinha, Lieutenant Governor of Jammu and Kashmir has inaugurated its first International Arbitration Centre at Jammu and Kashmir on Wednesday.
The centre was inaugurated at the Sher-i-Kashmir International Conference Center, Srinagar in the presence of the Jammu and Kashmir High Court Chief Justice Gita Mittal, Judges of the High Court and members of the arbitration committee.
The setting up of the Centre is in line with requirements of modern-day borderless trade, business and investment, said LG Sinha on the occasion of the inauguration, adding that it will do away with investor apprehensions.
“I believe that Arbitration which provides an alternative mode of dispute resolution and also reduces pending cases across the judiciary, should make investors feel at home”, said LG Sinha.
Notably, the centre is the newly-formed Union Territory's first arbitration centre. The first International Arbitration Center in India was set up by the Maharashtra government at Mumbai in October 2016.
The Jammu and Kashmir International Arbitration Centre is aimed to achieve the object behind Section 89 Civil Procedure Code, to save time and ensure that arbitration proceedings remain inexpensive.
Court-annexed Arbitration Centres are also successfully functioning at Delhi, Chandigarh, Bangalore, Chennai (Madras) and Cuttack (Orrisa).